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Part 3 Strategies for Your Business
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Part 3 Strategies for Your Business
by Barbara Weltman
J.K. Lasser's Guide to Self-Employment, 2nd Edition
Cover
Preface
Introduction
About This Guide
Part 1 Self-Employment Basics
Chapter 1 Being Self-Employed and On Your Own
What Does Self-Employment Mean?
Legal Consequences of Self-Employment
Practical Issues in Self-Employment
Tax Terminology
Being 1099ed
What's Ahead
Chapter 2 Getting Set Up for Tax Reporting and Business Operations
Preliminaries
Keeping Books and Records for Tax Reporting
Business Reasons for Recordkeeping
Tax ID Number
Tax Year
Accounting Method
Decide Your Business Name
What's Your IP?
Obtain Licenses, Permits, and Permission
What's Ahead
Chapter 3 Using Schedule C
Tax Filing on Schedule C
When, Where, and How to File
What's Ahead
Part 2 Reporting Income and Expenses
Chapter 4 Reporting Your Income
Payment Types Don't Matter
Alternative Payments
Where to Report Payments
What to Do about 1099s
What to Do When You Don't Get Paid
Losses
What's Ahead
Chapter 5 Writing Off Vehicle, Travel, Meals, and Gifts Expenses
Vehicle Expenses
Local Transportation
Business Meals
Business Travel
Business Gifts
Strategies for Saving on Travel Costs
What's Ahead
Chapter 6 Deducting Office-Related Costs
Rental Expenses
Home Office Use
Materials and Supplies
Furniture and Fixtures
Computer-Related Costs
Insurance
Utilities
Miscellaneous Office-Related Costs
What's Ahead
Chapter 7 Claiming Deductions A to Z
Advertising Costs
Bad Debts
Banking Fees
Casualty and Theft Losses
Charitable Contributions
Dues
Education Expenses
Impairment-Related Expenses
Interest
Legal and Professional Fees
Licenses and Regulatory Fees
Materials and Supplies
Moving Expenses
Payments for Outsourced Workers
Penalties, Fines, and Damages
Repayment of Income
Startup Costs
Subscriptions
Supplies
Taxes
Utilities
Checklist of Nondeductible Expenses
What's Ahead
Chapter 8 Protecting Yourself with Medical Coverage and Retirement Savings
Medical Insurance
Health Savings Accounts
Tax Deduction for Health Coverage
Retirement Savings
SEPs
Solo 401(k)s
Pension Plans
IRAs
Roth IRAs
Strategies for Retirement Savings
What's Ahead
Chapter 9 Taking Tax Credits
Business-Related Tax Credit
Personal Credits Arising from Business
What's Ahead
Chapter 10 Claiming Your Tax Bonus
General Rules
Limitations
Specified Service Trades or Businesses
What's Ahead
Part 3 Strategies for Your Business
Chapter 11 Paying Your Taxes
Self-Employment Tax
Additional Medicare Tax on Earned Income
Additional Medicare Tax on Net Investment Income
Estimated Taxes
Sales Taxes
What's Ahead
Chapter 12 Strategizing Year-Round for Tax Savings
Tax-Savvy Business Decisions
Year-End Planning
Post-Year Tax Elections
Lease Instead of Buy?
Don't Overlook Carryovers
Audit-Proof Your Return
What's Ahead
Chapter 13 Strategies for How to Grow
Getting Certified
Getting a Mentor
Outsourcing
Using Technology
Continuing to Learn
What's Ahead
Chapter 14 Strategies as Your Business Grows
Moving to Larger Quarters
Hiring Employees
Changing Legal Status
Selling the Business
Final Thoughts
Index
End User License Agreement
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Prev
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Chapter 10 Claiming Your Tax Bonus
Next
Next Chapter
Chapter 11 Paying Your Taxes
PART 3
Strategies for Your Business
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